Income from house property treatment
This query is : Resolved
17 July 2018
As per the deed main object is to letting out the properties constructed so to be treated as business income. But if instead of letting out constructed building is immediately sold out then what is the treatment I. E., sale proceeds to be treated as business income or capital gains?? ( doubt arised bcoz main object of letting out is deviated., and if main object is deviated then tax treatment should be opposite to object.. No clarification on the provisions))... Please clear my doubt.
Thanks in advance
Thanks in advance
17 July 2018
Constructed building immediately sold insted of letting out is a business income. Object clause in the deed will not bar such treatment, as construction is for business.
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